The Access Group, a leading provider of business management software to small and mid-sized organisations, has announced significant year-on-year pro forma revenue growth of 43%, leading to pro forma revenues of £685 million and pro forma adjusted EBITDAC of £256 million for its fiscal year ended June 30th 2022 (“FY22”). These results continue a track record of more than 40% revenue growth in each of the last four years.
- FY22 pro forma revenues of £685 million, up by 43%, or £205 million growth on FY21
- FY22 pro forma adjusted EBITDAC of £256 million, up 42% or £76 million growth on FY21
- On a statutory basis, revenue was £618m, up 59% on FY21, with EBITDA of £258m, up 60%
- Continued high-quality organic ARR bookings growth of 29%
- Organic recurring revenue growth of 21%, with 89% of total revenue now recurring in nature
- Total organic revenue growth of 17% vs 10% in FY21
- Organisations using Access Workspace up 85% year-over-year to 23,000
- Continued strategic M&A with 20 company acquisitions completed
- The Access Foundation awarded 26 charitable grants with a total approved value of £1,366,977 in its first full year.
Organic recurring revenue growth of 21% demonstrates the underlying power of Access’ market-leading products. The total number of organisations using Access Workspace, its global SaaS solution, grew 85% year-over-year to more than 23,000 during FY22. Access added approximately 20,000 new customers bringing the current total to more than 75,000 customers across the company.
Chris Bayne, chief executive of The Access Group, said: “We are greatly encouraged by the strong performance across the Group, in a year in which revenues, profits and customer numbers all increased significantly. The last two years have been incredibly challenging for businesses globally however, Access has remained committed to assisting its people, customers and partners, showing not only deep resilience but also exceptional growth.
“Amid a year of highlights, the key moment came towards the end of our financial year in June 2022 when we completed the largest ever private equity investment in the UK. We secured a further commitment from our principal shareholders, Hg and TA Associates and welcomed GIC as our 3rd strategic investor. We also secured new debt investment with our lending partners, including a new acquisition facility which gives us more power to add new technology and people to the group, realising our mission to transform customers’ productivity and provide them with the freedom to do more of what’s important to them.
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“We have continued significant investment in Access Workspace – our SaaS solution that combines all the moving parts of an organisation into a single digital workspace so that customers can take confident action based on consistent, up-to-date information. Access’ organic recurring growth of 21% demonstrates that our customers trust Access to bring them the software and solutions they need as they move into a post-pandemic period that is bringing further economic challenges.
Bayne continues: “We see APAC as a significant opportunity for Access and in less than three years, we have shifted from no operations in the region to growing the business to over A$200 million pro forma revenue, supported by the key acquisitions in FY22 of Definitive, FastTrack and Vincere. We’ve grown to have over 1000 employees in the region currently, all focused on executing our expansion plans.”
Access completed 20 acquisitions in FY22, complementing the company’s strong organic growth performance. Each acquisition expanded the portfolio of capabilities for their end market or region. An example is in Access Health, Support & Care, where the strategic acquisitions of Servelec, adam, HAS, Alcuris and Elemental have enabled the division to create one comprehensive supporting network, galvanising its position as a leading provider of software for health, local government and care organisations across the UK. The Access Legal, ERP and People divisions all enhanced their offerings to customers with strategic acquisitions during FY22.
The acquisition of Vincere, a global provider of innovative technology to thousands of recruitment consultants around the world, was a significant addition to Access Recruitment’s unique breadth of industry-leading software and significantly expands its international reach.
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The Access Group’s growth continues in FY23 and its global employee base stands at over 6,300. Access continues to focus on embedding its values through “The Access Way” – a platform of behaviours that supports personal and company success – by uniquely developing and engaging its people.
The Access Foundation, established in 2021, supports organisations committed to bridging the digital divide. During its first year, the Foundation has awarded 26 grants to date with a total approved value of £1,366,977 supporting beneficiaries including Birkbeck University, Learning with Parents and the Digibus mobile technology hub in Gloucestershire.
The Access team collectively raised over £763,000 for its global charities of the year including Variety – the Children’s Charity of South Australia, Muscular Dystrophy Association of NZ, National Cancer Society of Malaysia, Irish Cancer Society and for the victims of the war in Ukraine, as well as a staggering £448,738 for Bipolar UK.